Taxation

Frequently Asked Questions

Below you will find answers to questions most frequently asked about the Master of Science in Taxation program offered by the University of Miami School of Business Administration.

Additional information about our accounting and taxatino master’s programs can be obtained from the other pages of this website and by contacting the director of Accounting Master’s Programs, Michael Werner, at maccmst@bus.miami.edu.

Get Started

Frequently Asked Questions

Are most of your graduate classes taught by full-time faculty?

Yes. We have a higher percentage of our courses taught by full-time faculty than other South Florida accounting or tax programs. The part-time faculty members we use are professionally qualified and are regarded as experts in their respective fields.

Are your graduate accounting programs designed for full-time or part-time students?

The MST program is primarily designed to meet the needs of full-time students. Full-time students may begin the program during the fall or spring and complete the degree requirements within two semesters. Part-time students typically complete the program by taking coursework as they are able during the fall and spring semesters.

When are your graduate classes offered?

Most of our graduate tax and accounting classes are taught during the day with some specialized courses taught in the evening. We do not offer any of our courses on weekends.

Do you offer any online classes?

No, we do not offer any online classes.

Which courses are required as prerequisites for the MST program?

Students who complete their undergraduate degree in accounting at the University of Miami or complete an equivalent degree from an AACSB-accredited institution will normally meet the prerequisites for the MST program. However, most of our graduate tax classes require ACC 404: Advanced Taxation as a prerequisite and this course is not required by some undergraduate programs. The courses listed below are the normal undergraduate prerequisite courses:

Students wishing to enter the MST program who have a non-accounting business degree and have completed Principles of Financial Accounting and Managerial Accounting should consider the Accounting Summer Intensive Program below.

What if I have not taken a corporate, partnership, and estates and gifts tax course (the equivalent of ACC 404) during my undergraduate program or in the University of Miami's Accounting Summer Intensive Program?

Students who did not take two tax classes as part of their undergraduate accounting programs will usually need to take an additional course in the taxation of corporations, partnerships, estates and gifts. These students can satisfy this requirement by taking ACC 639, which is offered in an intersession format in the 10 days immediately preceding the beginning of fall classes.

If a student wishes to take the equivalent of ACC 404 at another university, then advance permission must be obtained from the UM Accounting Master’s Program Director. The student must demonstrate that the course is similar, in all respects, to the course as taught at the University of Miami. (The student must provide a complete syllabus and a photocopy of the detailed table of contents of the textbook used unless it is the same textbook currently used at the University of Miami).

If a student wishes to complete the tax prerequisites online through the University of Phoenix, the content of our ACC 403 and ACC 404 is divided into the following three University of Phoenix courses:

ACC 483: Income Tax – Individual

ACC 455: Corporate Taxation

ACC 547: Taxation

Students wishing to enter the MST program that have a non-accounting business degree and have completed Principles of Financial Accounting and Managerial Accounting should consider the Accounting Summer Intensive Program below.

My Bachelor’s degree is not in Accounting but I want to become eligible to sit for the CPA exam. Do you have a program for me?

Yes. We have two available options. One option is to complete the Accounting Summer Intensive Program. The second option is to complete the Undergraduate Certificate in Accounting. Both options are discussed below.

Whart is the Accounting Summer Intensive Program?

The Accounting Summer Intensive Program is designed for those who hold at least an undergraduate degree (preferably in business) in a field other than accounting from an accredited college or university. Students that have a non-accounting degree can apply to our Masters of Taxation (MST) and Summer Intensive Program. Applicants to the MST program will automatically be considered applicants to the Accounting Summer Intensive Program if their undergraduate degree is not in accounting.

The 7-week, 12-credit summer intensive program begins in early July and runs through late August. Six 2-credit upper division accounting prerequisite courses are covered including the following:

Intermediate Accounting I

Intermediate Accounting II

Cost Accounting

Accounting Information Systems

Taxation for Business and Investment Decisions

Auditing

Note that students entering the MST program will also be required to take ACC 639 to fulfill the corporate, partnership, estates and gift tax prerequiste. ACC 639 is offered in a 10-day intersession format following the Summer Intensive Program and immediately preceding the beginning of fall classes.

Upon successful completion of the intensive program, students enter either the MAcc or complete ACC 639 and enter the MST program in the fall semester. Students must complete 30 credits beyond the 12-credit intensive program and can complete both programs and graduate with their master’s degree in the spring, assuming they are full-time students.

The Accounting Summer Intensive Program and the ACC 630 intersession course are fast-paced and requires full-time attention. The program is intensive and not designed for students that are working even part-time.

What is the Undergraduate Certificate in Accounting Program?

This certificate program is designed for those who hold at least an undergraduate business degree in a field other than accounting from an accredited college or university and whose present interest or occupation is accounting. The Undergraduate Certificate in Accounting is awarded by the Division of Continuing and International Education and the Department of Accounting. This program requires students to take the same 24 semester hours of upper division accounting courses required for an undergraduate major.

Students who wish to be eligible to sit for the Certified Public Accountant (CPA) exam in Florida must have completed 120 semester hours including 24 semester hours of accounting (above the elementary level) and 24 semester hours of business courses, including a minimum of six hours of business law. There are additional educational requirements to become licensed as a Certified Public Accountant in Florida. Students may wish to consider the MST or MAcc programs to meet those additional educational requirements.

What are the English language requirements for international students?

Demonstrating proficiency in written and oral English is crucial as students must participate in class discussions and presentations, as well as successfully complete written assignments. Therefore, International applicants whose native language is not English and/or who do not fulfill one of the criteria mentioned below must take an English language proficient exam. The requirements are as follows:

TOEFL (Test of English as a Foreign Language): The TOEFL should have been taken within 2 years prior to application for admission; a minimum score of 600 (paper-based), 94 (internet-based) or 240 (computer-based) is required. Visit the TOEFL website, www.toefl.org, for more information. The TOEFL Code for the University of Miami is 5815.

IELTS (International English Language Testing System): The IELTS should have been taken within 2 years prior to application for admission; a minimum score of 6.5 on IELTS, 7.0 or greater is preferred. Visit the IELTS website, www.ielts.org, for more information. The IELTS Code for the University of Miami is 5815.

Can the requirement for IELTS/TOEFL be waived?

The above requirement may be waived for non-native English speakers provided the applicant fulfills one of the following criteria:

An applicant has earned an undergraduate degree in a country where the official language is English (this does not include degrees from just English-speaking institutions or just a country where English is spoken).

An applicant has studied in the United States at an undergraduate level for at least one year or the equivalent of 30 consecutive credits.

An applicant has lived and worked in an English-speaking country for the past two or more years.

What is the University’s TOEFL Code?

The TOEFL Code for the University of Miami is 5815.

What is the University’s GMAT Code?

The GMAT Code for University of Miami is 7NV-S1-96.

Where do I send required application documentation?

Transcripts:

Official transcripts for all undergraduate coursework as well as any post-graduate coursework from each university attended (including summer school, part-time study, or post-graduate even if only for one course) must be sent directly to the Graduate Business Programs office. An additional final transcript showing degree conferred and date of graduation should be sent after completion of any coursework still in progress at the time of admission.

Applicants who received a degree from an institution outside of the United States must submit transcripts in sealed envelopes from the university attended. Either university provided English versions or certified English translations of both the transcript and the diploma, along with the original transcript and a photocopy of the diploma, must be provided.

Transcripts should be sent to the following address:

Regular US Mail:

Graduate Business ProgramsSchool of Business AdministrationUniversity of MiamiP.O. Box 248505Coral Gables, Florida 33124-6524

Letters of Recommendation and Resumes:

Each applicant is required to submit two letters of recommendation. Most applicants provide a recommendation from a college instructor or from an employer or immediate supervisor.

Resumes and letters of recommendation can either be emailed to the Director of Accounting Master’s Programs, Michael Werner at maccmst@bus.miami.edu or mailed to the Graduate Business Programs office addresses listed above.

I am an international student and although I have submitted my official transcripts, it appears as “pending” in MyUM. Has the transcript been received?

Transcripts for international applicants are preliminarily evaluated by the University of Miami’s International Admissions Office.During this review process, the status of official transcripts is reflected as “pending” in MyUM. As soon as the review process is completed, however, it will be updated to “received”. Please note that this process takes approximately two weeks.

Through the generosity of alumni and friends of the University of Miami School of Business Administration, certain endowed and annual scholarships are made available to graduate students enrolled in accounting-related degree programs. Click here for more information.

What do I need to do to apply for scholarships?

Endowments and scholarships are awarded by the Admissions Committee based upon an internal evaluation process The Program Director will communicate the scholarship amount upon admission to the program.

Are there any special procedures I need to follow to qualify for graduation?

Once you have begun classes, you need to start planning for graduation. In your final semester you must apply for graduation which is done online through MyUM. Please review the Academic Calendar to determine graduation application due dates. Graduation ceremonies are held only during the Fall and Spring terms but you may graduate in any term including summer. Students must have a 3.00 GPA to graduate with a master’s degree from the University of Miami.

Does the University of Miami provide any on-campus assistance with career planning and job placement?

Yes. All students are encouraged to visit the Toppel Career Center for assistance with career planning as well as part-time, full-time, and internship opportunities. Representatives from local, national, and international businesses visit the campus to meet with students and to interview and discuss career employment opportunities with graduating students and alumni. Individual interviews are scheduled with visiting employer representatives.

A series of programs is offered throughout the year providing information and skill-building activities in resume development, interviewing skills, networking, securing internships, and much more. The Toppel Career Center has established a comprehensive and current career resource and research facility which contains career-related materials for use by students and alumni including employment opportunities, salary surveys, descriptions of specific careers, and the preparation necessary to attain them. The Lehman computer lab enables students to work on their job and internship search. CaneZone, an internet-based Career Management System, allows students to create a career profile, upload resumes, search for jobs and internships, and sign up for on-campus interviews. Students and alumni can also use TypeFocus, a computerized career information system, which is an excellent tool for career decision making. Career Column, a weekly e-newsletter available to students and alumni provides career information and updates about current events at the career center. An annual Accounting Career Fair is jointly sponsored each Fall by Toppel Career Center and Beta Alpha Psi (the Accounting honorary fraternity). This is a fantastic opportunity for accounting students to network with over 30 local and national firms looking to fill both internship and full-time positions.

In addition to the resources provided by the Toppel Career Center, the Department of Accounting Program Manager, Daniel Medina, is available to provide one-on-one support, advice, and critiques for students during their interviewing process.

What are the educational requirements to sit for the CPA exam in Florida and where can I find additional information on this?

Most of our students intend to become qualified as Certified Public Accountants (CPA). While the CPA exam is a national exam administered by the American Institute of Certified Public Accountants, its execution and licensing practices are governed by state law. For example, some states require a certain number of credit hours in particular subjects and have overall accounting and business credit hour requirements. As such, you should check with the state in which you intend to practice to determine what the specific course requirements are for that state. Note, our department is unable to make a determination of your eligibility to sit for the CPA exam. This can only be done by the appropriate state board. The licensure requirements for the State of Florida can be viewed at: http://www.myfloridalicense.com/dbpr/cpa/licensure.html

For your convenience, the Florida rules that apply to most individuals are summarized here. Please check the State of Florida Web site noted above for updates and rules which may apply in particular circumstances.

As of July 1, 2008 the Florida State Board of Accountancy (BOA) separated the requirements to become a Certified Public Accountant (CPA) into two parts: (1) the requirements to be eligible to take the CPA exam and (2) the requirements for licensure to practice as a CPA in Florida.

Requirements to Sit for the CPA Exam: To be eligible to take the CPA exam, you must have completed 120 semester hours including 24 semester hours of accounting (auditing, cost and managerial accounting, financial accounting, accounting information systems, and taxation) at the upper division level (300-level or above) and 24 semester hours in general business courses (including at least 6 semester hours of business law courses). One business law course can be at a lower lever (freshman or sophomore), the other course must be upper division (junior level or higher).

Requirements for Licensure: In addition to passing all four parts of the CPA exam, the BOA requires that you have completed a bachelor’s degree plus an additional 30 hours for a total of 150 semester hours before you can become licensed as a CPA. One year of work experience under the supervision of a licensed CPA is now also required to become licensed. (This experience may be obtained before or after sitting for the exam, however, all requirements to sit for the exam must be met before the work experience commences.)

The 150 semester hours must include a minimum of 36 semester hours of upper division accounting courses and at least 39 semester hours of general business courses. Excess upper division accounting courses may be used to meet the general business requirement. Accounting courses for non-accounting majors and any MBA or graduate courses that are equivalent to elementary accounting are not accepted for this requirement.

Accreditation The Board accepts degrees from schools accredited by the following associations: Middle States Association, New England Association, North Central Association, Northwest Association, Southern Association of Colleges and Schools, Western Association of Schools and Colleges, Association of Independent Schools and Colleges who have been approved by the Florida State Board of Independent Colleges and Universities, and Canadian Schools who have been approved by their provincial educational bodies. If you have graduated from a school or college which is not accredited by the above mentioned means, then you must use the provisions of F.A.C. 61H1-27.001 (5) (see below).

Applicants Who Have Graduated from Non-Accredited Schools (61H1-27.001) (5) Applicants who have graduated from a non-accredited school may still qualify to sit for the CPA examination. The candidate must take 15 semester hours of graduate classes with at least nine hours of graduate level accounting courses to include three semester hours of graduate tax. THESE HOURS MUST BE TAKEN AFTER ADMISSION TO GRADUATE SCHOOL. If the courses are taken before admission to a graduate program, the classes will not be accepted, even if the school includes them as part of the graduate program. These courses cannot duplicate other courses which the applicant has taken and they cannot be used to accredit the non-accredited degree and satisfy the educational requirements. The applicant must complete the graduate school courses to validate the non-accredited degree. The applicant must also meet all other requirements for endorsement or transfer of credit. An evaluation of foreign transcripts must be completed by an evaluation service which has been approved by the Board.

Duplicate Courses No credit will be given for courses which duplicate another course for which the applicant has received credit. Review courses are considered as duplicates.

For the CPA requirements in other states, you should consult the State Board of Accountancy for your state. Links to the requirements for each state can be found at: